Vladimir Putin's new bill to ban officials from having foreign bank accounts

February 13, 2013

Russian President Vladimir Putin recently put a bill forward that aims to limit corruption while also building the country within. According to The Associated Press, the new bill would ban Russian government officials from having bank accounts or owning stock in foreign countries.Â

What the new bill consists ofÂ Putin hinted at this bill during his state-of-the-nation address back in December, when he asked the public, "How can you trust an official or a politician who rants about Russia's benefit but tries to keep his money abroad?" The bill itself will require that all senior officials cancel their bank accounts in foreign countries within three months. In addition, these officials' wives and children must also close theirÂ bank accounts.Â

The Kremlin reported that this bill's focus is on "ensuring national security, establishing order in lobbyist activities, increasing investment in the national economy and raising efficiency of anti-corruption efforts."

Tensions between U.S. and RussiaÂ
When Putin was inauguratedÂ for the third time this past May, he started a series of bills that heightened the tension between the U.S. and Russia. According to the AP, Putin believes that the U.S. has made a number of efforts to undermine his rule, and he is taking the proper measurements to retaliate.Â

Putin continues to isolate RussiaÂ
This bill is added to the many previously that have essentially isolated Russia. The biggest one as of late was the new adoption policy. Now, Americans cannot adopt Russian children. Putin put this forth as a retaliation after the U.S. drew up a law saying that Russian human rights violators can be charged in the U.S., CBS News reports.Â

Putin's adoption law caused an uproar in the States, with families pleading for Putin and his administration to reconsider, but families had no such luck. However, the law did not ban those who already had a judge approve their adoption, and this included Robert and Kim Summers. They were three weeks away from picking up their son in Russia when the ban was put forth.Â

"I cannot put into words how my wife and I feel right now," Robert told the news source when they first heard about the ban. "And we ask Putin, please, consider alternate means, but don't let these children suffer. Please. That's all we ask."